Financial institution challenges you should be addressing

Darian
By Darian Mavandad
February 8, 2023
4 min read
Blog
Intranet
Financial institution challenges faced by modern organizations

Banks, credit unions, and financial institutions benefit most from an intranet. From having employees spread across different branches, the constant flow of challenges, and strict regulatory guidelines—organizations need to address the modern financial institution challenges that can affect their employee and member/customer experiences, and that is where a financial intranet comes in.

In this four-part blog series, based on our Ten essential intranet best practices for financial institutions eBook, we’ll dive deep into current challenges faced by financial institutions, how a financial intranet provides value to organizations, and how to shop for a financial intranet.

In part one, we’ll explore current challenges and priorities financial institutions face, such as change management, employee retention and the importance of a sense of culture, customer and member experience, and security and compliance.

Let’s dive in!

Financial institution challenge #1: an ever-changing world

We don’t need to remind you of the considerable changes that financial institutions have gone through in recent years. Certainly, the pandemic changed how financial employees worked, permanently or temporarily. Many banks, credit unions, and financial institutions still offer employees the chance to work remotely, at least partially. Adapting your corporate strategy to such changes requires a high degree of nuance and organization, both things an intranet can help with at your organization.

Additionally, mergers and acquisitions are changes that affect many organizations in finance. When two workforces and communities combine, getting everyone on the same page and working together as one united front can be tricky. A siloed community after an M&A can result in a loss of efficiency and productivity and contribute to higher employee turnover rates.

Read how LOC Credit Union used an intranet to unite its workforce after a merger.

Financial institution challenge #2: retaining and attracting talent

The Great Resignation” was a phenomenon observed in the aftermath of the COVID-19 pandemic and simultaneous economic downturn. However, the economic landscape is rapidly changing this decade, and currently, news of layoffs fill your workers’ social media feeds. This can further fuel the fire of job uncertainty and even increase turnover—employees may want to find “stable” jobs if they see blood in the water. Again, you need to engage staff and be as transparent as possible on the priorities and realities of your financial organization and what the future may hold. Bringing your community together in times of uncertainty goes a long way to keeping employees happy.

Conversely, the US is still net adding jobs every quarter, and you want to attract high-performing talent to your financial organization. Delivering a solid employee experience and an excellent employee onboarding experience is paramount to employee retention and attraction and can all be done with a well-governed financial intranet.

Financial institution challenge #3: driving a great customer and member experience

Woman using a smartphone with a financial payment display

Financial institutions, like banks and credit unions, exist to provide services to their customers and members in a secure, speedy, and friendly manner. However, trends show that more and more consumers expect their banking to be digital and instantaneous. Local and small credit unions, especially, are feeling the pressure to provide speedy and highly personalized customer experiences while business environments rapidly change.

Ensuring your staff, from the front lines to the approval managers, are working with accurate and up-to-date information about products and services is crucial, and a purpose-built financial intranet can help.

Financial institution challenge #4: prioritizing security and compliance

The financial services industry is heavily regulated, and all banks, credit unions, and other financial institutions must prioritize strict compliance with the regulatory environment. Systems and technology must also be as secure as possible to protect customer and employee data.

Ensuring your technology meets required security standards and policies while ensuring all employees access and follow compliance-related policies and procedures is a significant financial institution challenge that an intranet can simplify and ensure.

Read how “Shadow IT” can create a costly mess in your financial organization and create more challenges.

We have the solutions to the challenges!

In part two of this blog, we’ll discuss critical ways a purpose-built intranet can address the financial institution challenges listed here. But, if you absolutely cannot wait, download our free eBook, Ten essential intranet best practices for financial institutions, to learn everything you need to know now!

Darian
By Darian Mavandad

Darian has a degree from McGill University, and joined IC to empower internal communicators by creating content that inspires. In his free time, he loves traveling, reading, and skiing.